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- Bitcoin recorded a minor recovery of 0.21% over the past 24 hours.
- If BTC does not surpass the immediate resistance at $26,300, it may fall below $25K.
Bitcoin (BTC), the leading cryptocurrency globally, has demonstrated significant bearish momentum in recent weeks. Additionally, BTC is having difficulty holding its ground around the $26,000 threshold. While investors are hopeful for a BTC rally, it has dipped below the $26K level. Conversely, Bitcoin has seen the highest address activity in the last 30 days.
The crypto market analysis platform Santiment recently published a report on the top ten assets by address activity. The findings indicate that BTC has the most active wallet engagement, with 963.64K active wallets. Nonetheless, Bitcoin’s recent price trends have caused considerable concern across the crypto market.
Bitcoin (BTC) Price Maintains Bearish Trend
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Bitcoin’s trading price has once again exceeded $26K, reflecting a slight recovery in the last 24 hours. As of this writing, BTC is trading at $26,063, marking an increase of over 0.21% in the past day. However, the daily trading volume for BTC has seen a decrease of 7.04%, as reported by CoinMarketCap.
Bitcoin (BTC) Trading Price Chart (Source: TradingView)
The daily price chart indicates that BTC is experiencing bearish momentum, as the current price remains below the 50-day exponential moving average (50 EMA). Furthermore, the RSI indicator suggests that BTC is in the oversold territory, with the RSI level at 25.55. Despite a slight recovery, bearish pressure has pushed the price down again.
Bitcoin’s trading price has been fluctuating between $25K and $26K, struggling to break free from this pattern. Based on TradingView data, should Bitcoin gain bullish momentum, it could reach the nearest resistance level of $26,300. If this trend persists, the trading price may surpass the $26,500 mark and potentially exceed $27K.
Conversely, another decline could commence if BTC fails to breach the nearest resistance at $26,500. Additionally, if bearish momentum continues, it may fall below the support level of $25,000.
Do you believe BTC will soon overcome the bearish trend? Share your thoughts with us on Twitter @The_NewsCrypto.
